Improve your financial record keeping
Maintaining accurate financial records is vital. Monitor your business account every day. It will help you keep track of your expenses and adjust spending accordingly. Regularly logging into your online account is a great way to prevent identity theft.
Having an accurate track of your business operations and financial performance will also help you determine the steps you need to grow your business.
Do your taxes through the year
Be sure that you are paying your estimated quarterly taxes on time throughout the year to avoid penalties and reduce the potential negative impact if you owe the IRS. Try not to wait until April to start working on your taxes.
If you are planning to secure capital for future projects, you will be able to use the funds earlier if you know some of it will be returned after filing your tax return.
Upgrade your technology footprint
Slow internet speeds, outdated operating systems, and inadequate tools can use up valuable time. Make an inventory list of all your company’s supplies to see what needs to be replaced or updated. It could be time to update your website or perhaps get new computers for your employees.
Create your retirement plan
As an independent business owner, you generally do not have access to the same options as many employees were to have. As you are your own boss, it is imperative that you are not only working for the success of your business but also for you future when you retire.
Opening a retirement account, where you can start saving and earn interest for the future is a great place to start. In addition speaking to a financial advisor at your local financial institution can help set you on the path to securing your future. You can always reach out to our Financial Advisor, in partnership with LPL Financial, or read his recent blog post here.
Focusing on your finances, doing some research now on enhancing your business, and staying focused on action items, can make 2019 a financially fit year for your business.